July 30, 2014 / 5:55 AM / 3 years ago

Bayer Q2 underlying profit edges higher on new drug sales

FRANKFURT, July 30 (Reuters) - Bayer, Germany’s largest drugmaker, posted a 1 percent gain in quarterly adjusted core earnings, as strong sales growth of newly introduced pharmaceuticals was tempered by a strong euro weighing on the value of overseas sales.

Second-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 2.22 billion euros ($2.98 billion), it said on Wednesday, just short of the average estimate of 2.31 billion euros in a Reuters poll.

“Although earnings growth was again held back by substantial negative currency effects, these were offset by the good business development,” the company said in a statement.

Bayer said it expected 2014 sales of 41 billion euros, where it had previously seen 41-42 billion, citing the strong euro. This compares with 40.2 billion euros last year.

It said it continued to expect a low to medium single-digit percentage increase in adjusted EBITDA for the year. ($1 = 0.7460 Euros) (Reporting by Ludwig Burger; Editing by Harro ten Wolde)

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